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On the agenda today:
- SoftBank’s founder announced the company will cut investments in Chinese startups.
- Robinhood just announced a $140 million deal for a proxy voting startup.
- Wealthy Americans are taking out more loans they don’t need — a trend experts don’t expect to slow down.
Let’s get started.
SoftBank to cut investments in Chinese startups
Amid Beijing’s ongoing crackdown on the private sector, SoftBank’s founder Masayoshi Son said the company will cut investments in Chinese startups pending further regulatory clarity. Here’s what we know so far.
Robinhood plans to acquire Say Technologies for $140 million
Robinhood announced the deal with Say Technologies, a startup focused on increasing proxy voting, as meme stocks struggle to get participation from retail investors. We explain what proxy voting is — and why it’s taken center stage in recent months.
Rich people are taking out more loans they don’t need
Loan growth has slowed at Wall Street’s biggest banks, except among the clients that need them least: America’s rich. We spoke with bank execs and analysts to understand why this trend will outlast low interest rates and Biden’s tax plans.
Brex just hired a Goldman Sachs alum
Fintechs are increasingly poaching Wall Street talent, and Brex is the latest to do so. The San Francisco-based company just hired Kome Emuh, a former Goldman Sachs VP, as its chief of staff for engineering. More on that here.
How to get a job in private equity
Private equity remains one of the most competitive jobs on Wall Street. The high-risk, high-reward world of PE is an attractive option for young bankers and recent grads — and has only gotten more cutthroat over the past year. From the recruiting timeline to interview tips, here’s how to land a job at firms like Blackrock and KKR.
How Tiger Global’s unique fundraising approach lands it so many deals
Rahul Vohra, the cofounder and CEO of email startup Superhuman, raised $75 million for his company, with IVP leading the round and Tiger Global also participating. He explains the differences between the two, and how Tiger’s approach makes it so successful.
Why Sequoia and others bet $40 million on BitClout
BitClout, a platform that lets people buy crypto coins attached to social-media stars, was both a sensation and a controversy when it launched this year. As people debated whether it really was the future of crypto, its anonymous founder secured at least $40 million in investment from firms like Andreessen Horowitz and Sequoia Capital. Here’s why VCs gambled on BitClout.
Wells Fargo Strategic Capital poached a Credit Suisse investor
Wells Fargo Strategic Capital, the bank’s principal investing division, has hired Credit Suisse’s Inessa Even to help oversee capital markets and wealth management tech investments. More on her new role.
On our radar:
- A Morgan Stanley survey found that most interns favor flexible work, Bloomberg reports. But CEO James Gorman is still encouraging a return to the office.
- Coinbase’s capital-markets head Brett Redfearn has left the company, according to the WSJ. He left after about four months on the job.
- Per Bloomberg, Citigroup will require vaccines for all workers returning to the office. What we know about the decision.
- We have the 12-page pitch deck that LawVu, a startup that wants to be Salesforce for lawyers, used to nab $17 million from investors like Insight Partners. See it here.
- JPMorgan has revamped the rewards on its Chase Sapphire cards, according to Bloomberg. Get details on the new rewards.
- NAB will acquire Citi’s consumer business in Australia for $1.2 billion, per the Australian Financial Review. More on that here.
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